In the midst of the Queensland flood inquiry, the ATO has made things a little easier for flood victims in Queensland dealing with disaster recovery
The Tax Office has issued a practitioner fact sheet to assist tax advisors with making reasonable estimates when reconstructing client records. It can be a complicated process. The ATO will take into account industry benchmarks, taxation statistics and other industry norms in determining whether the reconstruction is a fair representation of the missing business income and expenses – that’s where OBT can help.
If you have lost records due to the floods, call the OBT team on 07 5462 2277.
QRAA applications for assistance have now been extended until 31 January 2012 for the Queensland floods
The recovery following Queensland’s most significant natural disasters has been an enormous task. Many primary producers and businesses affected by flooding have received financial assistance through QRAA to get business back up and running.
As at 30 June 2011, QRAA had approved more than $115M in natural disaster assistance to 12,043 primary producers, businesses and non-profit organisations in Queensland.
QRAA administers the following schemes:
- Special Disaster Assistance grants (up to $25,000) for clean-up and recovery
- Natural Disaster Assistance loans (up to $250,000) for primary producers and small businesses, and up to $105,000 for non-profit organisations
- Exceptional Disaster Assistance loan/grant package (up to $650,000) for businesses, primary producers and non-profits suffering direct extreme damage
OBT can provide advice and guidance to businesses so they can complete the applications themselves or OBT can take care of the whole application process.
OBT are committed to assisting taxpayers in meeting their Tax Office obligations and helping with QRAA applications and to get businesses back on their feet again. For further information call our friendly team at OBT on 07 5462 2277.